APAM Financials Artisan Partners Asset Management Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:30 UTC Overview →

Growth & profitability

Revenue has grown 5.9% per year over the past 5 years.
Net income has grown faster than revenue (6.4% vs 5.9% per year).
Operating margin has contracted, at 33.4% in the latest year.
Free cash flow has declined 11.5% per year over the past 5 years.

Financial health

The company holds more cash ($256M) than total debt ($189M).
Total debt has grown slower than revenue (-1.0% vs 5.9% per year).
Operating income covered interest expense 47× in the latest year.
Total debt is 0.5× EBITDA.

Shareholder returns

Dividends have been paid for 13 consecutive years, consuming 88.6% of earnings and 149.8% of free cash flow.
The dividend has grown 4.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$1.2B	$290M	0.0%	33.4%	66.2%	18.4%	$172M	$189M	$256M
2024	$1.1B	$260M	0.0%	33.0%	66.8%	16.0%	$371M	$199M	$268M
2023	$975M	$222M	0.0%	31.1%	68.6%	15.8%	$251M	$199M	$178M
2022	$993M	$207M	0.0%	34.6%	78.9%	16.8%	$306M	$199M	$143M
2021	$1.2B	$337M	0.0%	44.0%	121.8%	27.9%	$396M	$199M	$201M
2020	$900M	$213M	0.0%	39.8%	117.8%	18.5%	$317M	$199M	$199M
2019	$799M	$157M	0.0%	35.5%	117.7%	16.8%	$289M	$199M	$144M
2018	$829M	$158M	0.0%	36.8%	117.2%	19.7%	$330M	$199M	$176M
2017	$796M	$50M	0.0%	36.0%	45.1%	5.9%	$224M	$199M	$160M
2016	$721M	$73M	0.0%	32.5%	55.4%	7.8%	$267M	$199M	$157M
2015	—	$82M	—	—	62.9%	8.6%	$317M	$199M	$167M
2014	—	$70M	—	—	62.8%	8.2%	$347M	—	—
2013	—	$25M	—	—	56.7%	4.3%	$110M	—	—
2012	—	$0	—	—	—	0.0%	$127M	—	—
2011	—	$0	—	—	—	—	$102M	—	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$313M	$75M	0.0%	35.1%	17.0%	5.0%	$108M	$189M	$378M
Jun '26	—	$81M	—	—	19.2%	5.5%	$115M	$189M	$351M
Mar '26	$303M	$58M	0.0%	31.1%	14.9%	4.0%	$181M	$189M	$300M
Dec '25	$336M	$95M	0.0%	39.2%	21.6%	6.0%	-$77M	$189M	$256M
Sep '25	$301M	$67M	0.0%	33.8%	16.6%	4.2%	$40M	$189M	$342M
Jun '25	$283M	$68M	0.0%	28.2%	17.7%	4.7%	$51M	$200M	$312M
Mar '25	$277M	$61M	0.0%	31.2%	17.1%	4.5%	$158M	$199M	$259M
Dec '24	$297M	$70M	0.0%	36.7%	17.9%	4.3%	$37M	$199M	$268M
Sep '24	$280M	$73M	0.0%	33.3%	19.6%	4.5%	$112M	$199M	$280M
Jun '24	$271M	$58M	0.0%	32.0%	16.9%	3.8%	$75M	$199M	$233M
Mar '24	$264M	$59M	0.0%	29.4%	18.6%	3.9%	$147M	$199M	$229M
Dec '23	$249M	$65M	0.0%	30.7%	20.0%	4.6%	-$11M	$199M	$178M
Sep '23	$249M	$53M	0.0%	33.0%	17.9%	3.7%	$80M	$199M	$231M
Jun '23	$243M	$54M	0.0%	31.6%	19.1%	3.8%	$62M	$199M	$198M
Mar '23	$235M	$51M	0.0%	29.1%	19.9%	3.8%	$121M	$199M	$173M
Dec '22	$226M	$53M	0.0%	31.0%	20.1%	4.3%	$5M	$199M	$143M
Sep '22	$234M	$44M	0.0%	33.6%	18.5%	3.3%	$85M	$199M	$188M
Jun '22	$251M	$44M	0.0%	35.2%	19.6%	3.4%	$26M	$200M	$164M
Mar '22	$282M	$65M	0.0%	38.0%	28.7%	5.2%	$190M	$200M	$204M
Dec '21	$315M	$85M	0.0%	43.7%	30.6%	7.0%	-$6M	$199M	$201M

Valuation over time

How the market has priced APAM against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 12.5× (Mar '23) to 10.7× (Nov '26).
The price-to-sales ratio has fallen from 2.6× (Mar '23) to 2.6× (Nov '26).
The dividend yield has fallen from 9.6% (Mar '23) to 8.3% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is APAM growing its revenue and profit?

Over the past 5 years, Artisan Partners Asset Management Inc.'s revenue has grown 5.9% per year, and net income grown 6.4% per year. These are computed facts, not advice.

How much debt does APAM have?

As of FY2025, Artisan Partners Asset Management Inc. reported $189M of total debt against $256M of cash; operating income covered interest expense 47×.

What is APAM's profit margin?

In FY2025, gross margin was —, operating margin 33.4%, and net margin 24.3%.

What is APAM's P/E ratio?

Artisan Partners Asset Management Inc.'s P/E (TTM) is 10.08 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the APAM stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 10.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.